According to Martin Whitmarsh, McLaren team boss and Formula 1 Teams’ Association Chairman, 7 of the 11 teams in the sport are struggling financially.

“It’s tough. We’re in the world of advertising and you only have to see how advertising is worldwide. The rate card is down. We have taken some measures, but I think it’s going to be tough for some.”

Ahead of the 2013 season, which kicks off in Australia in March, some of the lesser-known teams have dropped well-regarded drivers in favour of those who can bring sponsorship with them.

While such moves are unlikely to put the sport itself at risk, Whitmarsh has suggested one problem is that teams do not receive a big enough share of Formula 1’s income from CVC – the commercial rights holder of the sport.

In 2011, the teams shared 47% of F1’s total income, and that figure has been increased to 63% in a new deal, according to recent reports.

You can catch the new F1 season when it starts on March 17, both on Sky and the BBC.